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Oil and Petroleum Stockpiles Increased by 6.8MB– June 7

June 7, 2012

In this week’s petroleum and crude oil weekly update by the Energy Information Administration, there is an analysis on the U.S oil inventories. The total U.S oil and petroleum stockpiles rose during last week by 6.8 million bl. On the other hand crude oil stockpiles edged down. There was also an increase in production and refinery inputs. This build up in stockpiles coincides with the ongoing fall in crude oil prices. Finally, the prices of gasoline and diesel in the U.S also declined during last week.

Here is a weekly overview for the week ending on June 1st 2012 of the U.S oil and petroleum market:

Crude Oil Stockpiles

For the week ending on June 1st, U.S.Petroleum and crude oil stockpiles increased again by 6.8 million barrels and reached 1,783.26 million barrels. The current oil stockpiles are still below the quota from last year: the current crude oil stockpiles are 6.8 million barrels below oil stockpiles levels recorded during the parallel week during 2011.

U.S. Ending Stocks of crude oil slipped by 0.1 million barrels and reached 1,080.58 million barrels.

The U.S. Ending Stocks of Total Gasoline also rose by 1.67% compared with last week’s stocks; it reached 203.525 million barrels.

The chart below shows the recent developments in petroleum and oil stockpiles and WTI crude oil price between the years 2010 and 2012. During the past years the lagged linear correlation between WTI oil price and current oil stockpiles settled at -0.174.

Petroleum production refinery inputsand imports (for the week of June 1st)

During last week refinery inputs oil and production rose while imports remained flat.

The four week average of U.S. production (million of barrels a day) for the week of June 1strose to 6.215; it is 10.8% above the average production at the same week in 2011;

Crude oil imports remained unchanged last week at 8.869 (for 4 week average) compared with the week of 25/5/2012; they were 1.2% below the average during the same week last year.

The crude oil refinery inputs (4 week average) rose to 15.167 (million b/d), a 1.21% increase compared with the week of 25/5/2012, and were 2.6% above the same time last year.

Below is a detailed recap of the information listed above (for the week of June 1st):